As the 2024 Bitcoin halving draws near, Bitcoin (BTC) faces challenges to maintain its position above $63,000, with expectations of further price drops termed as a "correction."

Crypto analyst Michael van de Poppe shared insights, suggesting the ongoing consolidation indicates a "peaking pre-halving" scenario. He believes there's still time for Bitcoin to achieve a new all-time high.

Bitcoin has witnessed a nearly 2.6% decline over the past week and a 4% drop in the last fortnight, potentially influenced by the impending halving event.

Van de Poppe highlighted that historically, Bitcoin tends to peak before halving events, hinting that unless Bitcoin surpasses $70,300, there might not be significant market movement.

Bitcoin halving, an automatic process reducing miner rewards by half, occurs every four years or after 210,000 mined Bitcoin blocks. The next halving is slated for April 2024.

Comparing Bitcoin's current price action to the 2016–2017 cycle, Van de Poppe anticipates a similar upward trend.

At the time of reporting, Bitcoin was trading at $65,537, marking a 3.2% increase in the last 24 hours. However, it signifies a 2.6% drop over seven days, though representing a 26% improvement over 30 days.

Pseudonymous analyst Rekt Capital suggested that the pre-halving correction for Bitcoin in 2024 has commenced. Pre-halving retraces typically occur 14–28 days before the event.

Rekt Capital noted similarities with the 20% pre-halving correction in 2020 and the 40% pullback before the 2016 halving, predicting a correction duration of about 77 days, possibly less compared to previous cycles.

Despite the current downward trend, investors may view this as an opportunity to accumulate Bitcoin before the halving event, often followed by a bullish trend as per historical patterns.